EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 23, 2015 BEA 15-67 Technical: James Rankin (202)606-5301 (Personal Income) piniwd@bea.gov Harvey Davis (202)606-5302 (Personal Consumption Expenditures) pce@bea.gov Media: Jeannine Aversa (202)606-2649 PERSONAL INCOME AND OUTLAYS: NOVEMBER 2015 Personal income increased $44.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $34.5 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $40.1 billion, or 0.3 percent. In October, personal income increased $66.9 billion, or 0.4 percent, DPI increased $54.0 billion, or 0.4 percent, and PCE increased $3.8 billion, or less than 0.1 percent, based on revised estimates. Real DPI increased 0.2 percent in November, compared with an increase of 0.3 percent in October. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent. 2015 July Aug. Sept. Oct. Nov. (Percent change from preceding month) Personal income, current dollars 0.4 0.4 0.2 0.4 0.3 Disposable personal income: Current dollars 0.4 0.4 0.2 0.4 0.3 Chained (2009) dollars 0.4 0.4 0.3 0.3 0.2 Personal consumption expenditures: Current dollars 0.3 0.3 0.2 0.0 0.3 Chained (2009) dollars 0.2 0.3 0.2 0.0 0.3 ______________________________________________________________________________________________________________________ There was an inadvertent early release of some of BEA’s personal consumption expenditure data for November as well as for previous months via BEA’s API (application programming interface). Because some data were inadvertently released ahead of the official release time, BEA immediately released the data that were affected, consistent with our protocol at 7:50 pm EST. Those data cover current dollar personal consumption expenditure statistics for July through November as well as current dollar breakouts for goods, durables, nondurables, and services. ______________________________________________________________________________________________________________________ FOOTNOTE._________ Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month dollar changes are differences between these published estimates. Month-to-month percent changes are calculated from unrounded data and are not annualized. “Real” estimates are in chained (2009) dollars. This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm. __________________ Compensation Wages and salaries increased $37.1 billion in November, compared with an increase of $47.2 billion in October. Private wages and salaries increased $34.4 billion, compared with an increase of $45.7 billion. November wages and salaries include $11.6 billion (at an annual rate) in bonuses for United Auto Workers employees associated with the ratification of their contract. Government wages and salaries increased $2.8 billion in November, compared with an increase of $1.5 billion in October. Supplements to wages and salaries increased $6.3 billion in November, compared with an increase of $6.5 billion in October. Other personal income Proprietors' income increased $1.6 billion in November, compared with an increase of $5.5 billion in October. Farm proprietors' income decreased $0.9 billion in November, the same decrease as in October. Nonfarm proprietors' income increased $2.5 billion in November, compared with an increase of $6.5 billion in October. Rental income of persons increased $5.7 billion in November, compared with an increase of $5.1 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $9.7 billion, in contrast to an increase of $0.2 billion. Personal current transfer receipts increased $8.1 billion, compared with an increase of $8.0 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.7 billion in November, compared with an increase of $5.8 billion in October. Personal current taxes and disposable personal income Personal current taxes increased $9.9 billion in November, compared with an increase of $12.9 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $34.5 billion, or 0.3 percent, compared with an increase of $54.0 billion, or 0.4 percent. Personal outlays and personal saving Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $44.0 billion in November, compared with an increase of $7.5 billion in October. PCE increased $40.1 billion, compared with an increase of $3.8 billion. Personal saving -- DPI less personal outlays -- was $747.6 billion in November, compared with $757.0 billion in October. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.5 percent, compared with 5.6 percent. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's Financial Accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp. Real DPI, real PCE, and price index Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in November, compared with an increase of 0.3 percent in October. Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in November, in contrast to a decrease of less than 0.1 percent in October. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.1 percent. Purchases of nondurable goods increased 0.9 percent, in contrast to a decrease of 0.1 percent. Purchases of services decreased less than 0.1 percent, in contrast to an increase of less than 0.1 percent. The price index for PCE increased less than 0.1 percent in November, compared with an increase of 0.1 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent. The November PCE price index increased 0.4 percent from November a year ago.  The November PCE price index, excluding food and energy, increased 1.3 percent from November a year ago. Revisions Estimates have been revised for July through October. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for September and for October -- revised and as published in last month's release -- are shown below. Change from preceding month September October Previous Revised Previous Revised Previous Revised Previous Revised (Billions of dollars) (Percent) (Billions of dollars) (Percent) Personal income: Current dollars 27.4 30.6 0.2 0.2 68.1 66.9 0.4 0.4 Disposable personal income: Current dollars 27.0 29.2 0.2 0.2 56.8 54.0 0.4 0.4 Chained (2009) dollars 32.3 33.6 0.3 0.3 43.9 42.5 0.4 0.3 Personal consumption expenditures: Current dollars 9.5 23.1 0.1 0.2 15.2 3.8 0.1 0.0 Chained (2009) dollars 15.6 27.4 0.1 0.2 6.7 -2.7 0.1 0.0 BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API at www.bea.gov/API/signup/index.cfm. BEA's news release schedule is available at www.bea.gov/newsreleases/2016rd.htm. * * * Next release – February 1, 2016 at 8:30 A.M. EST for Personal Income and Outlays for December Personal Income and Outlays Release Dates for 2016 December 2015...February 1 April 2016...May 31 August 2016......September 30 January 2016....February 26 May 2016.....June 29 September 2016...October 31 February 2016...March 28 June 2016....August 2 October 2016.....November 30 March 2016......April 29 July 2016....August 29 November 2016....December 22 Table 1. Personal Income and Its Disposition (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 15,192.6 15,282.4 15,356.0 15,421.4 15,475.7 15,506.3 15,573.2 15,617.6 Compensation of employees............... 9,558.7 9,625.8 9,661.0 9,706.8 9,747.7 9,756.7 9,810.4 9,853.9 Wages and salaries.................... 7,742.4 7,801.8 7,831.1 7,870.7 7,905.5 7,911.1 7,958.3 7,995.4 Private industries.................. 6,480.8 6,537.1 6,562.3 6,598.7 6,630.6 6,635.3 6,681.0 6,715.4 Goods-producing industries........ 1,295.9 1,305.6 1,308.2 1,316.6 1,320.0 1,316.6 1,325.6 1,339.7 Manufacturing................... 796.8 803.5 804.9 810.2 814.0 812.1 816.4 826.8 Services-producing industries..... 5,184.9 5,231.4 5,254.1 5,282.1 5,310.6 5,318.8 5,355.4 5,375.6 Trade, transportation, and utilities...................... 1,220.7 1,231.9 1,234.8 1,241.1 1,247.7 1,249.8 1,258.3 1,260.0 Other services-producing industries..................... 3,964.2 3,999.6 4,019.4 4,041.1 4,062.9 4,069.0 4,097.1 4,115.7 Government.......................... 1,261.6 1,264.7 1,268.8 1,272.0 1,274.9 1,275.7 1,277.3 1,280.0 Supplements to wages and salaries..... 1,816.3 1,824.0 1,829.8 1,836.1 1,842.2 1,845.7 1,852.2 1,858.5 Employer contributions for employee pension and insurance funds\1\..... 1,254.4 1,258.3 1,262.4 1,266.4 1,270.4 1,273.9 1,277.6 1,281.7 Employer contributions for government social insurance........ 562.0 565.7 567.4 569.7 571.8 571.7 574.5 576.8 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,368.2 1,376.8 1,386.0 1,398.0 1,398.1 1,404.2 1,409.7 1,411.3 Farm.................................. 54.0 56.9 59.7 62.4 65.2 68.0 67.0 66.1 Nonfarm............................... 1,314.2 1,319.9 1,326.3 1,335.5 1,332.9 1,336.2 1,342.7 1,345.2 Rental income of persons with capital consumption adjustment................. 647.0 654.2 661.1 661.6 663.4 665.8 670.9 676.6 Personal income receipts on assets...... 2,165.4 2,174.3 2,195.3 2,196.7 2,202.5 2,209.1 2,209.3 2,199.7 Personal interest income.............. 1,295.9 1,313.4 1,331.0 1,333.0 1,335.0 1,337.0 1,334.0 1,331.0 Personal dividend income.............. 869.6 860.8 864.3 863.8 867.5 872.1 875.3 868.6 Personal current transfer receipts...... 2,646.0 2,651.7 2,656.3 2,666.8 2,676.7 2,683.6 2,691.6 2,699.7 Government social benefits to persons.............................. 2,603.3 2,608.8 2,613.2 2,623.5 2,633.2 2,639.9 2,647.8 2,655.7 Social security\2\.................. 867.7 871.8 868.7 872.3 875.9 875.4 877.6 878.3 Medicare\3\......................... 613.3 615.3 617.4 619.8 622.4 625.2 628.2 631.4 Medicaid............................ 528.2 527.9 530.8 536.5 540.1 544.6 548.3 550.7 Unemployment insurance.............. 33.1 32.9 33.4 33.0 33.2 32.6 31.7 32.0 Veterans' benefits.................. 93.6 93.3 95.3 95.1 94.6 95.5 96.1 98.2 Other............................... 467.4 467.6 467.5 466.9 467.0 466.7 465.8 465.1 Other current transfer receipts, from business (net)....................... 42.7 42.9 43.1 43.3 43.4 43.6 43.8 44.0 Less: Contributions for government social insurance, domestic............. 1,192.7 1,200.2 1,203.7 1,208.4 1,212.7 1,213.0 1,218.9 1,223.5 Less: Personal current taxes.............. 1,923.3 1,941.4 1,951.3 1,956.6 1,962.5 1,963.9 1,976.8 1,986.7 Equals: Disposable personal income........ 13,269.3 13,341.0 13,404.7 13,464.8 13,513.2 13,542.4 13,596.4 13,630.9 Less: Personal outlays.................... 12,587.6 12,696.6 12,739.2 12,775.9 12,810.8 12,831.9 12,839.4 12,883.4 Personal consumption expenditures....... 12,146.3 12,250.5 12,288.2 12,326.6 12,363.6 12,386.7 12,390.5 12,430.7 Goods................................. 3,930.9 4,001.6 4,002.0 4,026.3 4,033.2 4,012.7 4,005.5 4,029.7 Durable goods....................... 1,320.6 1,337.4 1,321.0 1,334.5 1,339.1 1,345.3 1,340.7 1,350.4 Nondurable goods.................... 2,610.2 2,664.2 2,680.9 2,691.8 2,694.1 2,667.4 2,664.9 2,679.3 Services.............................. 8,215.5 8,248.9 8,286.2 8,300.3 8,330.4 8,374.0 8,385.0 8,400.9 Personal interest payments\4\........... 264.6 269.3 274.1 271.7 269.4 267.1 270.6 274.1 Personal current transfer payments...... 176.7 176.8 176.9 177.5 177.7 178.0 178.3 178.6 To government......................... 97.1 97.2 97.3 97.5 97.7 98.0 98.3 98.6 To the rest of the world (net)........ 79.6 79.6 79.6 80.0 80.0 80.0 80.0 80.0 Equals: Personal saving................... 681.7 644.3 665.5 688.9 702.4 710.6 757.0 747.6 Personal saving as a percentage of disposable personal income............. 5.1 4.8 5.0 5.1 5.2 5.2 5.6 5.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 11,502.1 11,544.0 11,580.3 11,619.2 11,661.9 11,690.1 11,737.4 11,767.2 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 12,164.6 12,193.2 12,223.2 12,266.2 12,312.7 12,346.3 12,388.7 12,416.7 Per capita: Current dollars..................... 41,341 41,540 41,712 41,871 41,992 42,053 42,193 42,274 Chained (2009) dollars.............. 37,899 37,966 38,035 38,144 38,261 38,339 38,445 38,509 Population (midperiod, thousands)\6\.... 320,975 321,162 321,365 321,578 321,805 322,030 322,243 322,442 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 2. Personal Income and Its Disposition (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 --------------Seasonally adjusted at annual rates-------------- -------------2014------------- -------------2015------------- II III IV I II III\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 14,068.4 14,694.2 14,612.8 14,774.8 14,955.7 15,079.8 15,277.0 15,467.8 Compensation of employees............... 8,839.7 9,248.9 9,177.3 9,289.9 9,424.9 9,487.9 9,615.2 9,737.1 Wages and salaries.................... 7,114.4 7,477.8 7,414.5 7,513.9 7,632.6 7,682.4 7,791.8 7,895.7 Private industries.................. 5,906.8 6,240.5 6,180.3 6,270.7 6,384.4 6,425.9 6,526.7 6,621.5 Goods-producing industries........ 1,190.1 1,260.9 1,250.4 1,266.6 1,292.9 1,288.0 1,303.2 1,317.7 Manufacturing................... 746.8 780.9 775.1 781.4 796.5 792.1 801.7 812.1 Services-producing industries..... 4,716.7 4,979.7 4,930.0 5,004.1 5,091.5 5,138.0 5,223.5 5,303.8 Trade, transportation, and utilities...................... 1,118.5 1,175.5 1,165.7 1,179.2 1,203.3 1,210.9 1,229.1 1,246.2 Other services-producing industries..................... 3,598.2 3,804.2 3,764.3 3,825.0 3,888.2 3,927.0 3,994.4 4,057.7 Government.......................... 1,207.6 1,237.2 1,234.2 1,243.2 1,248.2 1,256.5 1,265.0 1,274.2 Supplements to wages and salaries..... 1,725.3 1,771.2 1,762.7 1,776.0 1,792.3 1,805.5 1,823.4 1,841.3 Employer contributions for employee pension and insurance funds\1\..... 1,197.8 1,224.0 1,219.4 1,227.1 1,236.3 1,246.8 1,258.3 1,270.3 Employer contributions for government social insurance........ 527.5 547.2 543.3 548.9 556.0 558.7 565.0 571.1 Proprietors' income with inventory valuation and capital consumption adjustments............................ 1,285.1 1,346.7 1,346.3 1,357.8 1,377.9 1,369.4 1,377.0 1,400.1 Farm.................................. 88.8 78.1 88.8 77.2 74.8 60.5 56.9 65.2 Nonfarm............................... 1,196.3 1,268.6 1,257.5 1,280.6 1,303.0 1,308.9 1,320.1 1,334.9 Rental income of persons with capital consumption adjustment................. 563.4 610.8 605.5 618.4 628.4 637.0 654.1 663.6 Personal income receipts on assets...... 2,060.4 2,117.5 2,121.8 2,115.0 2,130.6 2,145.5 2,178.3 2,202.8 Personal interest income.............. 1,271.3 1,302.0 1,310.0 1,288.1 1,289.8 1,282.6 1,313.4 1,335.0 Personal dividend income.............. 789.0 815.5 811.9 826.8 840.8 863.0 864.9 867.8 Personal current transfer receipts...... 2,426.6 2,529.2 2,513.1 2,556.5 2,571.0 2,625.8 2,651.3 2,675.7 Government social benefits to persons.............................. 2,385.5 2,487.2 2,471.1 2,514.4 2,528.9 2,583.4 2,608.4 2,632.2 Social security\2\.................. 799.0 834.6 833.2 837.2 843.8 861.6 869.4 874.5 Medicare\3\......................... 574.6 597.8 595.6 600.8 605.3 609.8 615.3 622.5 Medicaid............................ 439.7 487.4 473.6 505.9 507.1 523.9 529.0 540.4 Unemployment insurance.............. 62.3 35.8 36.0 34.6 32.9 35.0 33.1 32.9 Veterans' benefits.................. 79.1 83.7 82.3 83.8 86.7 90.7 94.1 95.1 Other............................... 430.8 447.9 450.5 452.2 453.3 462.2 467.5 466.9 Other current transfer receipts, from business (net)....................... 41.2 42.0 42.0 42.1 42.1 42.4 42.9 43.4 Less: Contributions for government social insurance, domestic............. 1,106.8 1,159.0 1,151.2 1,162.9 1,177.2 1,185.8 1,198.9 1,211.4 Less: Personal current taxes.............. 1,672.8 1,780.2 1,754.1 1,792.0 1,838.8 1,900.1 1,938.7 1,961.0 Equals: Disposable personal income........ 12,395.6 12,913.9 12,858.7 12,982.7 13,116.8 13,179.8 13,338.3 13,506.8 Less: Personal outlays.................... 11,805.7 12,293.7 12,235.2 12,377.0 12,502.5 12,492.2 12,674.5 12,806.2 Personal consumption expenditures....... 11,392.3 11,865.9 11,813.0 11,949.1 12,061.4 12,055.5 12,228.4 12,359.0 Goods................................. 3,836.8 3,948.4 3,951.5 3,987.4 3,980.1 3,901.5 3,978.1 4,024.1 Durable goods....................... 1,237.8 1,280.2 1,279.1 1,295.1 1,303.5 1,301.8 1,326.4 1,339.6 Nondurable goods.................... 2,598.9 2,668.2 2,672.4 2,692.2 2,676.6 2,599.7 2,651.8 2,684.4 Services.............................. 7,555.5 7,917.5 7,861.5 7,961.7 8,081.3 8,153.9 8,250.2 8,334.9 Personal interest payments\4\........... 244.2 254.2 250.5 254.3 263.1 261.3 269.3 269.4 Personal current transfer payments...... 169.3 173.6 171.7 173.6 178.0 175.5 176.8 177.8 To government......................... 92.6 95.3 95.2 95.7 95.9 97.0 97.2 97.8 To the rest of the world (net)........ 76.6 78.3 76.5 77.9 82.2 78.5 79.6 80.0 Equals: Personal saving................... 589.9 620.2 623.5 605.7 614.3 687.6 663.9 700.6 Personal saving as a percentage of disposable personal income............. 4.8 4.8 4.8 4.7 4.7 5.2 5.0 5.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 10,822.3 11,149.8 11,089.0 11,164.6 11,329.0 11,447.6 11,542.2 11,657.1 Disposable personal income: Total, billions of chained (2009) dollars\5\........................... 11,523.1 11,836.3 11,784.7 11,863.1 11,998.7 12,114.7 12,193.6 12,308.4 Per capita: Current dollars..................... 39,123 40,461 40,331 40,638 40,977 41,107 41,531 41,972 Chained (2009) dollars.............. 36,369 37,084 36,962 37,134 37,484 37,785 37,967 38,248 Population (midperiod, thousands)\6\.... 316,839 319,173 318,833 319,470 320,100 320,623 321,167 321,804 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. 6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the annual and quarterly estimates are averages of the monthly estimates. Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at annual rates------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 97.0 89.8 73.6 65.4 54.2 30.6 66.9 44.4 Compensation of employees............... 65.6 67.1 35.2 45.8 40.9 9.0 53.7 43.4 Wages and salaries.................... 58.1 59.4 29.4 39.5 34.8 5.5 47.2 37.1 Private industries.................. 55.6 56.3 25.3 36.4 31.9 4.8 45.7 34.4 Goods-producing industries........ 11.4 9.7 2.6 8.3 3.4 -3.4 9.0 14.1 Manufacturing................... 7.3 6.7 1.5 5.3 3.8 -1.8 4.2 10.4 Services-producing industries..... 44.1 46.6 22.7 28.0 28.5 8.2 36.6 20.2 Trade, transportation, and utilities...................... 11.4 11.2 2.9 6.3 6.6 2.1 8.5 1.7 Other services-producing industries..................... 32.7 35.4 19.8 21.7 21.8 6.1 28.1 18.6 Government.......................... 2.6 3.1 4.1 3.2 3.0 0.8 1.5 2.8 Supplements to wages and salaries..... 7.4 7.7 5.8 6.3 6.1 3.4 6.5 6.3 Employer contributions for employee pension and insurance funds\1\..... 3.8 3.9 4.1 4.0 4.0 3.5 3.7 4.0 Employer contributions for government social insurance........ 3.6 3.8 1.7 2.3 2.1 -0.1 2.8 2.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 3.0 8.6 9.2 12.0 0.1 6.1 5.5 1.6 Farm.................................. 1.6 2.8 2.8 2.8 2.8 2.8 -0.9 -0.9 Nonfarm............................... 1.4 5.7 6.4 9.2 -2.6 3.3 6.5 2.5 Rental income of persons with capital consumption adjustment................. 6.2 7.2 7.0 0.4 1.8 2.4 5.1 5.7 Personal income receipts on assets...... 27.4 8.8 21.0 1.4 5.8 6.6 0.2 -9.7 Personal interest income.............. 17.5 17.5 17.5 2.0 2.0 2.0 -3.0 -3.0 Personal dividend income.............. 9.9 -8.7 3.5 -0.6 3.8 4.6 3.2 -6.7 Personal current transfer receipts...... 2.1 5.7 4.6 10.5 9.9 6.9 8.0 8.1 Government social benefits to persons.............................. 1.9 5.5 4.4 10.3 9.7 6.7 7.8 7.9 Social security\2\.................. 2.3 4.1 -3.2 3.6 3.7 -0.6 2.2 0.7 Medicare\3\......................... 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 Medicaid............................ -1.3 -0.3 3.0 5.6 3.6 4.5 3.7 2.4 Unemployment insurance.............. -1.5 -0.2 0.6 -0.4 0.2 -0.6 -0.9 0.3 Veterans' benefits.................. 1.3 -0.3 2.0 -0.3 -0.4 0.8 0.7 2.1 Other............................... -0.7 0.2 -0.1 -0.6 0.1 -0.3 -0.9 -0.7 Other current transfer receipts, from business (net)....................... 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Less: Contributions for government social insurance, domestic............. 7.3 7.5 3.5 4.7 4.3 0.3 5.8 4.7 Less: Personal current taxes.............. 20.5 18.1 9.9 5.3 5.9 1.4 12.9 9.9 Equals: Disposable personal income........ 76.5 71.7 63.7 60.1 48.4 29.2 54.0 34.5 Less: Personal outlays.................... 47.3 109.1 42.6 36.7 34.9 21.1 7.5 44.0 Personal consumption expenditures....... 41.3 104.2 37.7 38.4 37.0 23.1 3.8 40.1 Goods................................. -7.9 70.8 0.4 24.3 6.9 -20.5 -7.1 24.2 Durable goods....................... 5.3 16.8 -16.4 13.4 4.6 6.2 -4.6 9.7 Nondurable goods.................... -13.2 54.0 16.7 10.9 2.3 -26.7 -2.5 14.4 Services.............................. 49.2 33.5 37.3 14.1 30.1 43.6 10.9 16.0 Personal interest payments\4\........... 4.8 4.8 4.8 -2.3 -2.3 -2.3 3.5 3.5 Personal current transfer payments...... 1.2 0.1 0.1 0.6 0.2 0.3 0.3 0.3 To government......................... 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 To the rest of the world (net)........ 1.1 0.0 0.0 0.4 0.0 0.0 0.0 0.0 Equals: Personal saving................... 29.2 -37.4 21.1 23.4 13.5 8.2 46.4 -9.4 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... 79.7 41.9 36.3 38.9 42.7 28.2 47.3 29.9 Disposable personal income, billions of chained (2009) dollars\5\.............. 62.4 28.5 30.0 43.0 46.5 33.6 42.5 28.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters) [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 --------------Seasonally adjusted at annual rates-------------- -------------2014------------- -------------2015------------- II III IV I II III\r\ ----------------------------------------------------------------------------------------------------------------------------------- Personal income........................... 153.3 625.8 179.2 162.0 180.9 124.2 197.2 190.8 Compensation of employees............... 229.8 409.3 73.6 112.6 135.0 63.0 127.2 121.9 Wages and salaries.................... 184.1 363.4 64.5 99.4 118.7 49.8 109.3 104.0 Private industries.................. 174.7 333.8 53.8 90.4 113.7 41.5 100.8 94.8 Goods-producing industries........ 34.6 70.8 16.7 16.2 26.3 -4.9 15.2 14.5 Manufacturing................... 12.5 34.0 4.6 6.3 15.0 -4.4 9.6 10.4 Services-producing industries..... 140.1 263.0 37.1 74.2 87.4 46.4 85.5 80.4 Trade, transportation, and utilities...................... 25.9 57.0 11.9 13.5 24.1 7.6 18.2 17.1 Other services-producing industries..................... 114.3 206.0 25.1 60.7 63.3 38.8 67.3 63.3 Government.......................... 9.4 29.6 10.8 9.0 5.0 8.3 8.6 9.2 Supplements to wages and salaries..... 45.6 45.9 9.0 13.3 16.3 13.2 17.9 18.0 Employer contributions for employee pension and insurance funds\1\..... 32.5 26.2 6.3 7.7 9.1 10.5 11.6 11.9 Employer contributions for government social insurance........ 13.1 19.7 2.8 5.6 7.1 2.7 6.3 6.0 Proprietors' income with inventory valuation and capital consumption adjustments............................ 43.7 61.6 41.5 11.5 20.1 -8.4 7.5 23.1 Farm.................................. 27.2 -10.6 17.1 -11.6 -2.3 -14.3 -3.6 8.3 Nonfarm............................... 16.5 72.2 24.5 23.1 22.4 5.9 11.2 14.8 Rental income of persons with capital consumption adjustment................. 38.1 47.4 14.6 12.9 10.0 8.5 17.1 9.5 Personal income receipts on assets...... -63.4 57.1 19.2 -6.9 15.6 14.9 32.8 24.5 Personal interest income.............. -17.5 30.7 -10.2 -21.8 1.7 -7.3 30.8 21.6 Personal dividend income.............. -45.9 26.5 29.4 15.0 13.9 22.2 2.0 2.9 Personal current transfer receipts...... 60.3 102.5 37.1 43.4 14.5 54.8 25.5 24.3 Government social benefits to persons.............................. 61.9 101.7 36.9 43.3 14.5 54.5 25.0 23.8 Social security\2\.................. 36.9 35.6 8.7 4.0 6.6 17.9 7.8 5.1 Medicare\3\......................... 18.2 23.2 6.1 5.2 4.5 4.5 5.5 7.1 Medicaid............................ 22.4 47.7 10.5 32.3 1.2 16.9 5.1 11.4 Unemployment insurance.............. -21.5 -26.5 -3.7 -1.3 -1.8 2.2 -1.9 -0.2 Veterans' benefits.................. 8.9 4.7 0.3 1.5 2.9 4.1 3.3 1.0 Other............................... -3.2 17.1 15.0 1.6 1.1 9.0 5.2 -0.6 Other current transfer receipts, from business (net)....................... -1.6 0.8 0.2 0.1 0.0 0.3 0.5 0.5 Less: Contributions for government social insurance, domestic............. 155.2 52.2 6.7 11.6 14.3 8.6 13.1 12.5 Less: Personal current taxes.............. 161.4 107.5 18.0 38.0 46.8 61.2 38.6 22.3 Equals: Disposable personal income........ -8.1 518.3 161.2 124.0 134.1 62.9 158.6 168.5 Less: Personal outlays.................... 348.7 488.0 174.9 141.8 125.6 -10.3 182.3 131.7 Personal consumption expenditures....... 341.7 473.7 172.7 136.1 112.3 -5.9 172.9 130.6 Goods................................. 97.7 111.7 76.8 35.9 -7.2 -78.6 76.6 45.9 Durable goods....................... 45.9 42.4 36.0 16.0 8.4 -1.7 24.5 13.3 Nondurable goods.................... 51.7 69.3 40.8 19.8 -15.6 -76.9 52.1 32.7 Services.............................. 244.0 362.0 96.0 100.2 119.6 72.7 96.3 84.7 Personal interest payments\4\........... 3.5 10.1 1.5 3.8 8.8 -1.8 8.0 0.1 Personal current transfer payments...... 3.5 4.3 0.8 1.9 4.5 -2.6 1.3 1.0 To government......................... 1.6 2.7 0.8 0.5 0.2 1.1 0.2 0.6 To the rest of the world (net)........ 1.9 1.6 0.0 1.4 4.3 -3.7 1.1 0.4 Equals: Personal saving................... -356.8 30.3 -13.7 -17.8 8.6 73.2 -23.7 36.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\5\...................... -60.3 327.5 72.0 75.5 164.4 118.7 94.5 114.9 Disposable personal income, billions of chained (2009) dollars\5\.............. -165.2 313.2 85.9 78.4 135.6 115.9 78.9 114.7 ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current period. 2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund. 3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund. 4. Consists of nonmortgage interest paid by households. 5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months) ----------------------------------------------------------------------------------------------------------------------------------- -------------------------Seasonally adjusted at monthly rates------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 0.6 0.6 0.5 0.4 0.4 0.2 0.4 0.3 Compensation of employees............... 0.7 0.7 0.4 0.5 0.4 0.1 0.6 0.4 Wages and salaries.................... 0.8 0.8 0.4 0.5 0.4 0.1 0.6 0.5 Supplements to wages and salaries..... 0.4 0.4 0.3 0.3 0.3 0.2 0.4 0.3 Proprietors' income with inventory valuation and capital consumption adjustments............................ 0.2 0.6 0.7 0.9 0.0 0.4 0.4 0.1 Rental income of persons with capital consumption adjustment................. 1.0 1.1 1.1 0.1 0.3 0.4 0.8 0.8 Personal income receipts on assets...... 1.3 0.4 1.0 0.1 0.3 0.3 0.0 -0.4 Personal interest income.............. 1.4 1.4 1.3 0.2 0.2 0.2 -0.2 -0.2 Personal dividend income.............. 1.1 -1.0 0.4 -0.1 0.4 0.5 0.4 -0.8 Personal current transfer receipts...... 0.1 0.2 0.2 0.4 0.4 0.3 0.3 0.3 Less: Contributions for government social insurance, domestic............. 0.6 0.6 0.3 0.4 0.4 0.0 0.5 0.4 Less: Personal current taxes.............. 1.1 0.9 0.5 0.3 0.3 0.1 0.7 0.5 Equals: Disposable personal income........ 0.6 0.5 0.5 0.4 0.4 0.2 0.4 0.3 Addenda: Personal consumption expenditures....... 0.3 0.9 0.3 0.3 0.3 0.2 0.0 0.3 Goods................................. -0.2 1.8 0.0 0.6 0.2 -0.5 -0.2 0.6 Durable goods....................... 0.4 1.3 -1.2 1.0 0.3 0.5 -0.3 0.7 Nondurable goods.................... -0.5 2.1 0.6 0.4 0.1 -1.0 -0.1 0.5 Services.............................. 0.6 0.4 0.5 0.2 0.4 0.5 0.1 0.2 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... 0.7 0.4 0.3 0.3 0.4 0.2 0.4 0.3 Real disposable personal income......... 0.5 0.2 0.2 0.4 0.4 0.3 0.3 0.2 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters) ----------------------------------------------------------------------------------------------------------------------------------- 2013 2014 --------------Seasonally adjusted at annual rates-------------- -------------2014------------- -------------2015------------- II III IV I II III\r\ ----------------------------------------------------------------------------------------------------------------------------------- Based on current-dollar measures Personal income........................... 1.1 4.4 5.1 4.5 5.0 3.4 5.3 5.1 Compensation of employees............... 2.7 4.6 3.3 5.0 5.9 2.7 5.5 5.2 Wages and salaries.................... 2.7 5.1 3.6 5.5 6.5 2.6 5.8 5.4 Supplements to wages and salaries..... 2.7 2.7 2.1 3.0 3.7 3.0 4.0 4.0 Proprietors' income with inventory valuation and capital consumption adjustments............................ 3.5 4.8 13.4 3.5 6.1 -2.4 2.2 6.9 Rental income of persons with capital consumption adjustment................. 7.2 8.4 10.2 8.8 6.6 5.5 11.2 5.9 Personal income receipts on assets...... -3.0 2.8 3.7 -1.3 3.0 2.8 6.3 4.6 Personal interest income.............. -1.4 2.4 -3.1 -6.5 0.5 -2.2 10.0 6.7 Personal dividend income.............. -5.5 3.4 15.9 7.6 6.9 11.0 0.9 1.3 Personal current transfer receipts...... 2.5 4.2 6.1 7.1 2.3 8.8 3.9 3.7 Less: Contributions for government social insurance, domestic............. 16.3 4.7 2.4 4.1 5.0 3.0 4.5 4.2 Less: Personal current taxes.............. 10.7 6.4 4.2 9.0 10.9 14.0 8.4 4.7 Equals: Disposable personal income........ -0.1 4.2 5.2 3.9 4.2 1.9 4.9 5.1 Addenda: Personal consumption expenditures....... 3.1 4.2 6.1 4.7 3.8 -0.2 5.9 4.3 Goods................................. 2.6 2.9 8.2 3.7 -0.7 -7.7 8.1 4.7 Durable goods....................... 3.9 3.4 12.1 5.1 2.6 -0.5 7.8 4.1 Nondurable goods.................... 2.0 2.7 6.3 3.0 -2.3 -11.0 8.3 5.0 Services.............................. 3.3 4.8 5.0 5.2 6.1 3.6 4.8 4.2 Based on chained (2009) dollar measures Real personal income excluding transfer receipts............................... -0.6 3.0 2.6 2.8 6.0 4.3 3.3 4.0 Real disposable personal income......... -1.4 2.7 3.0 2.7 4.7 3.9 2.6 3.8 ----------------------------------------------------------------------------------------------------------------------------------- r Revised Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 11,135.1 11,196.5 11,205.1 11,229.3 11,265.2 11,292.7 11,290.0 11,323.4 Goods......................................... 3,827.8 3,872.2 3,864.9 3,887.7 3,909.0 3,909.1 3,905.0 3,942.5 Durable goods............................... 1,449.3 1,470.1 1,455.3 1,473.9 1,484.1 1,487.0 1,484.9 1,500.7 Nondurable goods............................ 2,404.9 2,429.4 2,434.7 2,440.9 2,452.5 2,450.2 2,448.0 2,470.3 Services...................................... 7,307.7 7,326.6 7,341.7 7,344.3 7,359.7 7,386.2 7,387.3 7,385.8 Change from preceding period in billions of chained (2009) dollars, seasonally adjusted at annual rates Personal consumption expenditures (PCE)... 30.8 61.4 8.6 24.2 35.9 27.4 -2.7 33.4 Goods......................................... -1.8 44.4 -7.4 22.9 21.3 0.1 -4.1 37.5 Durable goods............................... 3.6 20.8 -14.8 18.6 10.1 3.0 -2.1 15.7 Nondurable goods............................ -4.7 24.6 5.3 6.2 11.6 -2.3 -2.2 22.3 Services...................................... 31.5 18.9 15.1 2.5 15.4 26.5 1.1 -1.5 Percent change from preceding period in chained (2009) dollars, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.3 0.6 0.1 0.2 0.3 0.2 0.0 0.3 Goods......................................... 0.0 1.2 -0.2 0.6 0.5 0.0 -0.1 1.0 Durable goods............................... 0.2 1.4 -1.0 1.3 0.7 0.2 -0.1 1.1 Nondurable goods............................ -0.2 1.0 0.2 0.3 0.5 -0.1 -0.1 0.9 Services...................................... 0.4 0.3 0.2 0.0 0.2 0.4 0.0 0.0 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters) --------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 --------------Seasonally adjusted at annual rates-------------- -------------2014------------- -------------2015------------- II III IV I II III\r\ --------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Personal consumption expenditures (PCE)... 10,590.4 10,875.7 10,826.3 10,918.6 11,033.3 11,081.2 11,178.9 11,262.4 Goods......................................... 3,612.8 3,731.2 3,718.0 3,755.2 3,793.2 3,803.7 3,855.0 3,902.0 Durable goods............................... 1,307.6 1,384.1 1,377.2 1,402.5 1,423.5 1,430.4 1,458.3 1,481.7 Nondurable goods............................ 2,319.8 2,367.8 2,361.0 2,375.2 2,393.7 2,397.8 2,423.0 2,447.9 Services...................................... 6,977.0 7,144.6 7,108.5 7,163.8 7,240.4 7,277.4 7,325.3 7,363.4 Change from preceding period in billions of chained (2009) dollars Personal consumption expenditures (PCE)... 177.2 285.3 101.6 92.3 114.7 48.0 97.7 83.5 Goods......................................... 108.5 118.4 59.7 37.2 38.0 10.5 51.3 47.0 Durable goods............................... 71.4 76.5 44.0 25.2 21.0 7.0 27.8 23.4 Nondurable goods............................ 42.3 48.0 19.7 14.2 18.5 4.1 25.2 24.9 Services...................................... 68.9 167.6 42.9 55.3 76.5 37.0 47.9 38.1 Percent change from preceding period in chained (2009) dollars Personal consumption expenditures (PCE)... 1.7 2.7 3.8 3.5 4.3 1.8 3.6 3.0 Goods......................................... 3.1 3.3 6.7 4.1 4.1 1.1 5.5 5.0 Durable goods............................... 5.8 5.9 13.9 7.5 6.1 2.0 8.0 6.6 Nondurable goods............................ 1.9 2.1 3.4 2.4 3.1 0.7 4.3 4.2 Services...................................... 1.0 2.4 2.4 3.1 4.3 2.1 2.7 2.1 --------------------------------------------------------------------------------------------------------------------------------------- r Revised Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months) --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Chain-type price indexes (2009=100), seasonally adjusted Personal consumption expenditures (PCE)... 109.085 109.418 109.670 109.775 109.753 109.691 109.751 109.782 Goods......................................... 102.689 103.339 103.545 103.559 103.172 102.643 102.569 102.208 Durable goods............................... 91.106 90.955 90.755 90.522 90.216 90.452 90.267 89.970 Nondurable goods............................ 108.541 109.667 110.116 110.279 109.848 108.862 108.855 108.459 Services...................................... 112.429 112.595 112.872 113.024 113.196 113.381 113.512 113.750 Addenda: PCE excluding food and energy............... 109.123 109.254 109.416 109.512 109.603 109.794 109.835 109.960 Food\1\..................................... 110.493 110.451 110.769 111.006 111.176 111.371 111.578 111.317 Energy goods and services\2\................ 103.580 108.423 110.321 110.391 107.856 102.512 102.707 101.308 Market-based PCE\3\......................... 107.946 108.281 108.494 108.595 108.547 108.480 108.575 108.525 Market-based PCE excluding food and energy\3\.................................. 107.799 107.904 108.007 108.097 108.174 108.395 108.474 108.520 Percent change from preceding period in price indexes, seasonally adjusted at monthly rates Personal consumption expenditures (PCE)... 0.1 0.3 0.2 0.1 0.0 -0.1 0.1 0.0 Goods......................................... -0.2 0.6 0.2 0.0 -0.4 -0.5 -0.1 -0.4 Durable goods............................... 0.2 -0.2 -0.2 -0.3 -0.3 0.3 -0.2 -0.3 Nondurable goods............................ -0.3 1.0 0.4 0.1 -0.4 -0.9 0.0 -0.4 Services...................................... 0.2 0.1 0.2 0.1 0.2 0.2 0.1 0.2 Addenda: PCE excluding food and energy............... 0.2 0.1 0.1 0.1 0.1 0.2 0.0 0.1 Food\1\..................................... -0.2 0.0 0.3 0.2 0.2 0.2 0.2 -0.2 Energy goods and services\2\................ -1.5 4.7 1.8 0.1 -2.3 -5.0 0.2 -1.4 Market-based PCE\3\......................... 0.1 0.3 0.2 0.1 0.0 -0.1 0.1 0.0 Market-based PCE excluding food and energy\3\.................................. 0.2 0.1 0.1 0.1 0.1 0.2 0.1 0.0 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago ----------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ ----------------------------------------------------------------------------------------------------------------------------------- Disposable personal income................ 3.5 3.5 3.4 3.7 3.7 3.9 3.8 3.5 Personal consumption expenditures......... 3.1 3.5 3.2 3.3 3.0 3.1 2.7 2.5 Goods................................... 3.1 4.4 3.5 4.0 3.6 4.1 3.5 3.6 Durable goods......................... 6.0 6.9 4.8 6.0 5.0 6.0 5.3 4.8 Nondurable goods...................... 1.8 3.2 2.9 3.1 2.9 3.2 2.6 3.0 Services................................ 3.0 3.1 3.0 3.0 2.7 2.7 2.3 2.0 ----------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago --------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------2015----------------------------------------- April May June July\r\ Aug.\r\ Sept.\r\ Oct.\r\ Nov.\p\ --------------------------------------------------------------------------------------------------------------------------------------- Personal consumption expenditures (PCE)... 0.2 0.3 0.3 0.3 0.3 0.2 0.2 0.4 Goods......................................... -3.2 -2.8 -2.7 -2.7 -2.7 -3.2 -3.1 -2.6 Durable goods............................... -2.2 -2.0 -2.1 -2.1 -2.3 -1.9 -2.0 -1.7 Nondurable goods............................ -3.8 -3.1 -3.0 -2.9 -3.0 -3.9 -3.7 -3.1 Services...................................... 1.9 1.8 1.9 1.8 1.8 1.9 1.9 1.9 Addenda: PCE excluding food and energy............... 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Food\1\..................................... 1.3 0.7 1.0 0.9 0.7 0.7 0.8 0.3 Energy goods and services\2\................ -20.1 -16.9 -15.9 -15.7 -16.2 -19.7 -18.4 -15.8 Market-based PCE\3\......................... -0.1 0.0 0.0 0.0 0.0 -0.1 0.0 0.1 Market-based PCE excluding food and energy\3\.................................. 1.1 1.1 1.1 1.0 1.1 1.2 1.2 1.2 --------------------------------------------------------------------------------------------------------------------------------------- p Preliminary r Revised 1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 2. Consists of gasoline and other energy goods and of electricity and gas services. 3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.